A newbie just killed Ethereum

[EMS-007]

I thought this news is just a part of FUD! This is why i told previously that Eth will never beat BTC as the king of Cryptos!

[Pan Troglodytes]

This is pretty hilarious really, surely there should have been a backup somehow designed in, pretty gutted for the loss of coin though, who did these belong to?

How come "a backup"? This is a nature of contracts! You make a contract and there is no backing down. Whatever behaviour is coded, it  must be executed (followed). Restoring a backup whould mean backing down from the contract.

Actually the previous hard fork  (restoring the DAO money) was backing down from THAT contract and this is why it was so much disconsented and eventually resulted in the creation of the Classic.

[Dart18]

Yeah I read it seems like some newb killed the library or something that the multi-sig wallets rely on. 1 million ETH frozen for good.

Lol holy %&$*& that is a lot of cheddar being stuck! What is the resolution to this then, another fork? Oh god if I thought I hated ICOs I may just hate these forks even more....its close

I am also wondering about that. What will happen after this?
Whoever got hit by it must be really mad right and will be doing steps to make ETH developers pay.
They say it is stuck forever so maybe there will be no solution to bring it back even after a hard fork.

[Pan Troglodytes]

daaamn , what happend ? This will get ethereum to drop so hard in the next days/weeks , time to move to ethereum classic I guess ). If this is for real then all the ethereum holders will have to suffer from that mistake.

A newb turned a smart contract into a multi-sig wallet, declared ownership and suicided it destroying the library that multi-sig wallets depend on making all the ETH frozen for good.

And with newb I mean; yes, litterally a newb. Apparantly he isn't quite aware of what he did and I think he's scared because he basically just burned like 500k-800k Ethereum (100-300 million USD)

This bit is a little funny honestly, even the small conversation on the link OP provided. I guess will see in the few weeks how this would affect the price, seems that it's currently not affecting it or maybe that's just because not a lot of people knows about this.

And this is the biggest mistake to me at present: the prices of both the Classic and ETH seem not impacted by the news. They should be (in my book).

[swpceo1]

Leeeroy Jenkins...

[abcd7]

hahaha i dont believe that

[jk_14]

I was wondering why Ethereum was trending on Twitter.

This article explains the bad news for some Ethereum holders  https://www.cryptpool.net/ethereum-wallet-vulnerability/

A newbie wouldn't have been capable of doing this. The guy most likely knew what he was doing. In either case, only Parity was affected, so this is pretty much completely irrelevant to Ethereum as a whole.

[Ponylon]

Parity needs to get their stuff together, honestly, first this thing about two months ago with the stolen funds and now this, and the problem has been present since July and no one noticed.. it's crazy that it has such a huge market share. People just need to move their money out of Parity cause it obviously doesn't give a damn about security, their market share is way too big in the Ethereum network and they'll make everyone a favor if they just announce that they won't be opening new accounts anymore, and ask users to transfer their funds in another provider.

[diguyo]

Ethereum is having some major troubles and needs to iron these out. It has such promise, but with ICO scams, this, the fork with ETC....the history of the coin is littered with negative horror stories.

[paulk11087]

this is not the first hacking event for ethereum, this is a second hacking
Ethereum needs to solve this problem. This is really important for the future of ethereum

[jk_14]

Parity needs to get their stuff together, honestly, first this thing about two months ago with the stolen funds and now this, and the problem has been present since July and no one noticed.. it's crazy that it has such a huge market share. People just need to move their money out of Parity cause it obviously doesn't give a damn about security, their market share is way too big in the Ethereum network and they'll make everyone a favor if they just announce that they won't be opening new accounts anymore, and ask users to transfer their funds in another provider.

Honestly people should just be forced to take the loss at this point. There's no reason to trust a platform that has already failed once with any amount of money, especially if it's supposed to be irreversible like in the case of the blockchain. If people don't get hurt by their mistakes and lack of foresight they will never learn...

And platforms like Parity will never improve either, since they don't really have to apparently.

[kynaz]

There are many bugs in Ethereum and developers should try to improve this situation. At present, the price of ETH does not change much but if this situation continues, many big investors will come back to BTC.

[shyliar]

A newbie wouldn't have been capable of doing this. The guy most likely knew what he was doing. In either case, only Parity was affected, so this is pretty much completely irrelevant to Ethereum as a whole.

You're probably right. The fact that ETH represents a system that any amateur, incompetent programmer or hacker can insert executable code into shouldn't matter to anyone.  

[Xzhyte]

I wonder what will happen to that person. Does he need to pay 500K ETH? haha
Its really a bad news. It just shows how a small vulnerability can turn out to something disastrous.

[jk_14]

A newbie wouldn't have been capable of doing this. The guy most likely knew what he was doing. In either case, only Parity was affected, so this is pretty much completely irrelevant to Ethereum as a whole.

You're probably right. The fact that ETH represents a system that any amateur, incompetent programmer or hacker can insert executable code into shouldn't matter to anyone.  

That's not what I've said at all. I've said that the person who did this probably knew very well what they were doing and wasn't some "random newbie" at all. And I've also said that Parity is not Ethereum itself, so if Parity fucks up it doesn't matter for Ethereum.
Which is basically the complete opposite of what you've taken from my post, unless you were being sarcastic and it went over my head...

[jzone23]

Dont think the author has enough knowledge to conclude and write that shit. What is said in the post has no valid basis. For sure wise eth holders just make hard laugh after reading it.

[Makkara]

I was wondering why Ethereum was trending on Twitter.

This article explains the bad news for some Ethereum holders  https://www.cryptpool.net/ethereum-wallet-vulnerability/

the real problem is about people writing smart contract without knowing what they are doing, it's the second time now 

[chefcryptoshark]

Yeah I read it seems like some newb killed the library or something that the multi-sig wallets rely on. 1 million ETH frozen for good.

So does this mean the total circulating volume should be deacreased and boost market cap?

I mean, one can hope, right?

[thinkpad99]

Yeah I read it seems like some newb killed the library or something that the multi-sig wallets rely on. 1 million ETH frozen for good.

So does this mean the total circulating volume should be deacreased and boost market cap?

I mean, one can hope, right?

Ethereum is currently closest to Bitcoin from all other Crypto. They have grown up and I can not imagine something going on for the next few weeks.

[Natalia R]

Do you believe it is just e temporary situation and it will be restored?